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New Zealand – Economic recovery is lifting salaries

24 January 2014

Employees across New Zealand has been patient with their employers over the past few years, aware that the global financial crisis and subsequent recovery period have created a tough market place. However, according to the New Zealand Herald, the tide is turning and more employees intend to seek higher paying jobs in 2014.

Higher salaries will be the driving force behind 60% of workers seeking new jobs, according to recruitment firm Michael Page’s latest Employee Intentions Report. A third of jobseekers expect to be able to increase their salary by between 10% and 12% by switching employer.

Pete Macauley, Regional Director of Michael Page New Zealand, commented: “We have seen a continual increase of new opportunities come to market, year-on-year, over the past four years. However, jobs creation and job growth [are] still yet to return to pre-[global financial crisis] years. What is currently driving the recruitment market is employee churn and attrition.”

Financial incentives, such as a salary increase or bonus, would encourage workers, especially those aged between 45 and 54, to remain at their current job. Almost 40% said a bonus is what they would most like to receive from their employer, with many concerned about their salaries keeping pace with the cost of living over the next year.

According to Mr Macauley, an issue of some concern is the strong misalignment between employers and employees and their expectations of salary raises in the next year. Employers in a number of sectors are forecasting +3% to +5% increases in salary for exiting staff.

The highest paying jobs across New Zealand in 2013, according to careersnz, were:

  • Information technology (IT) project managers – AUD 225,000 (USD 197,900)
  • Doctors and specialists - AUD 225,000 (USD 197,900)
  • IT systems architects - AUD 211,000 (USD 185,585)
  • IT consultants - AUD 211,000 (USD 185,585)
  • IT sales representatives - AUD 207,000 (USD 182,067)
  • Commercial realtors - AUD 185,000 (USD 162,717)
  • IT managers - AUD 185,000 (USD 162,717)
  • IT security specialists - AUD 182,000 (USD 160,078)
  • Bank, finance and insurance managers - AUD 155,000 (USD 136,330)
  • Engineering managers - AUD 150,000 (USD 131,933)

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